Few consumers switch banks after fraud attempt

One in 10 consumers say they have cancelled a credit or debit card in the last year because of a fraud attack, although few have subsequently moved to another bank.

A survey of 2,000 consumers conducted by price comparison website Compare the Market found that 10% of people had been subject to a fraud attempt, with 37% of these consumers having money stolen from their account.

“Digital banking is the new frontier for criminal activity, and while banks will be doing their best to prevent fraud, people should ensure that they are doing everything they can to protect themselves. This is particularly important as we know that banks and credit card providers aren’t always as quick off the mark as they should be in flagging suspicious activity.

“One of the best ways to keep your money safe is to have multiple passwords. They should also be hard to guess, so no obvious dates, names or locations. Our research found that 17% of people have the same passwords for all their accounts, largely for ease of use – but it’s worth taking time to review them.